UBI fixes biz target of Rs 90,000 cr for 2008-09

Published: Friday, April 25, 2008, 17:17 [IST]

Subscribe to Oneindia News

Kolkata, Apr 25: The United Bank of India (UBI) has fixed the business target of Rs 90,000 crore within the current fiscal with a growth of about 20 per cent. Announcing the Bank's financial result for 2007-08 here, Chairman and Managing Director P K Gupta said the business crossed Rs 75,000 crore during the period while the net profit has gone up by 19.5 per cent from Rs 267.28 crore during 2006-07 to Rs 319.95 crore.

Mr Gupta said the deposits registered an annual growth of 26.4 per cent to reach at Rs 46,971 crore whereas advances grew by 24.3 per cent to reach at Rs 28,152 crore adding the credit deposit ratio stood at 60 per cent.

He informed that an amount of Rs 45.97 crore has been declared as dividend to be paid to the Government and added that this was the third consecutive year that the Bank has paid dividend to the government since 2005-06.

Within the retail credit, Mr Gupta said, the housing loans have registered a growth of 36.2 per cent from Rs 3046 crore during 2006-07 to Rs 4148 crore in 2007-08 and education loan by 23.1 per cent from Rs 225 crore to Rs 277 crore during the same period.

Elaborating on the progress made on the technology front, Mr Gupta informed that the Bank has rolled out Core Banking Solutions (CBS) at 379 of its branches covering 70 per cent of business in line with its plan in this regard.

With a view to attaining Pan-India presence, he said, the Bank has expanded its branch network which stood at 1401 in 2007-08 as against 1325 during 2006-07.

''The Bank expects to open 65 more branches to increase its network to 1466 branches by March, 2009,'' Mr Gupta maintained.